The system of the right of first refusal is an important issue in practice. However, the existing studies are insufficient. For example, there are controversies regarding “a right of first refusal when the majority of the coowners sell the real estate.” Among the draft amendment on partial articles of Land Act discussed in the Ministry of the Interior now, such right of first refusal is one of the key points. First of all, this study clarifies the purposes of the first and the fourth paragraphs of Article 34-1 of the Land Act. This study then explores the reason and the object of the right of first refusal in turn when the majority of the co-owners sell the real estate. This study emphasizes effective utilization of the real estate and the interests of the concerned parties and stresses on the cost-benefit analysis. This study discusses the existing doctrine, practice, and the draft amendment and makes some propositions in explanation and legislation. This study holds that there is a right of first refusal when the majority of the co-owners sell the real estate and the objects are the shares of the coowners who agree to sell. When the majority of the co-owners sell the real estate for improper value obviously and the other co-owners were died, the manager for the other co-owner’s property may claim a right of first refusal if it is not clear whether or not there is an heir.